Former US Presidential candidate Ron Paul has once more called for the US Federal Reserve (FED) to be abolished and for crypto activity to be tax-free in America. Paul was once a staunch opponent of Bitcoin and cryptocurrencies, but in a new move from the former presidential candidate he is backing cryptos all the way and wants to dethrone the FED.
FED Manipulating the Economy
Paul highlights the fact that the FED adjusts interest rates at its own free will, essentially manipulating the American economy and price of the dollar to benefit a small few. Jerome Powell took over as the Chair of the Federal Reserve after being appointed by Donald Trump – another sign that the FED doesn’t act in the interest of the public, but is controlled by the government.
The Fed has NO IDEA what rates should be.
The Fed manipulates prices, distorts the economy, and makes decisions by looking at the “data” of a distorted economy.
Central planning produces a world of economic delusions.
America needs to get back to reality.
End The Fed! pic.twitter.com/achfl4uIQ8
— Ron Paul (@RonPaul) December 19, 2018
Demanding Tax-Free Cryptos
In order for the FED to be overthrown as the sole issuer of currency in America, Paul suggests that crypto activity is made tax-free. Once this is in place, then people will start ditching the dollar and turning to cryptos for everyday use. This in turn will render the FED useless and without a shred of control – talk about giving the people what they want.
Congress Working on Changing Securities Laws
While it’s not exactly what Paul has in mind, a group of US congressmen are looking to change 72 year old securities definitions to allow cryptos to roam free in the US and be legally defined. This would be a huge first step in creating a crypto-friendly environment in the US and would be something Paul would be happy about.
A Pro-Bitcoin Chief of Staff
In another of Trump’s special appointments, he has chosen Mick Mulvaney to be his new chief of staff. The pro-Bitcoin advocate will now be the president’s eyes and ears, as well as his confidant. This could play out nicely for the crypto world as he will now have a crypto-friendly opinion very close to him, and it could end up influencing a number of key decisions related to crypto.
While Ron Paul does have a point about the FED manipulating the American economy whenever it feels like it, it’s going to be some time before this is changed – if it ever is. Moving the American economy away from the dollar and towards cryptocurrency will be a tough and long road, something that can’t be achieved overnight. We would obviously like to see the FED finally brought to justice for their blatant abuse of power, but it’s not wise to do so until there is a suitable replacement in line.